Links and Resources

Federal Direct Loan Program (DL)

To be eligible to apply for any of the Title IV student loans you must-

Apply for financial aid using the FAFSA

Have a completed student aid file on record

Meet Satisfactory Academic Progress Standards

Attend loan entrance counseling and other special requirements, if applicable

Be enrolled in an eligible program (at least half-time status)

Have OFFICIAL grade transcripts from all previous colleges submitted to IECC for evaluation

Be enrolled in only course work relevant to your program of study

Meet school processing deadlines

Prior Federal Loans and Financial Aid History – If you currently have a Stafford Loan and would like to check the interest rate, servicer information and other financial aid history, go to the National Student Loan Data System

Federal Stafford Loan Program (subsidized and unsubsidized)

Repayment begins six months after the student graduates, leaves school or drops below half-time enrollment

Loans cannot be certified until after the add/drop period of the semester

Loan disbursements are made in two checks (one per semester) released no earlier than thirty days after the beginning of the semester

Students may borrow $3500 at the Freshman level and $4500 at the Sophomore level

Students must repay this debt regardless of completion of education goal or securing a career in field of study upon graduation

Loan Interest RatesDirect Subsidized and Unsubsidized Loans – The Direct Subsidized Loan interest rate is 3.4% and the Unsubsidized Loan interest rate is fixed at 6.8% for all borrowers. These rates apply to loans disbursed after July 1, 2012.

34 CFR Section 668.202(e)(1) of the Federal Direct Loan (DL) Program provides that a school may refuse to certify a DL Stafford or Plus loan application or may reduce the borrower’s determination of need for the loan if the reason for that action is documented and provided to the student in writing (provided the determination is made on a case-by-case basis). All previous borrowing of student loans and total debt will be reviewed prior to certification of future loans.